Commercial Investment03 November 2017
This case demonstrates the effectiveness of Shawbrook's network of panel solicitors via its in-house legal partners, Pure Law. The panel was a fundamental driver in achieving completion just 6 business days after the offer was issued.
Significant cost-savings were made with a looming redemption deadline from a separate bridging lender, who was charging a penal rate of interest on the loan. Although the initial plan was to proceed on a non-representation basis, (where solicitors only act for Shawbrook and the customer proceeds on the advice of the broker), it became clear that a full title investigation would be necessary due to some uncertainty concerning the planning arrangements on a previously unsuccessful but related application to the Bank
A member of the panel was engaged soon after, with the ambitious completion timescale necessitating a thorough and swift response to all outstanding items as the customer was facing an increased redemption penalty of between £13k and £30K.
Broker "Advocate Finance" worked with all involved parties and negotiated a carry-over of the same redemption figure, thereby ensuring that the client avoided penalty and allowing the case to complete on time.
"When used under the right circumstances the solicitor panel is an effective way of ensuring that a conveyancer that understands the process, as well as our requirements, is involved in the case. This helps make the journey to completion a smooth one and, along with the ever-professional Advocate Finance giving guidance, the customer received a funding package and a service that met expectations"